Oh, oh, Canada

Confirmation this morning that Canada lost more jobs in June. In fact without the unsustainable oil-sand madness jobs added in Alberta this year, the other provinces have experienced no job growth at all now for the past 12 months. The loonie is taking a deserved blow on the news. As shown in the chart below, the elephant in the room (the one that nearly all Canadian-centric investment firms try hard to ignore) is: if a US led recession and credit crunch clobbered the Canadian dollar and stock market in both 2000 and 2007, how low might the loonie (and Cdn stocks, led by the Canadian banks) fall this time with the true north strong and free today enslaved by record domestic debt levels? Maybe Mark Carney is a genius after all…he certainly timed his exit to England last summer beautifully.

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